Allgreen Properties run by property tycoon Robert Kuok has successfully acquired two freehold residential sites in Bukit Timah estate in two of the collective en-bloc sales by tenders. Royalville was acquired at S$477.94 million and Crystal Tower for S$180.65 million.
Edmund Tie & Company the marketing agency said that it both residential sites attracted a fierce competition among the developers in the market, drawn a total of nine bidders for Royalville and Crystal Tower with 12 tenders bidders.
Royalgreen is a brand new development that is going to be redeveloped from the previous Royalville condo. Nestled in Bukit Timah near Sixth Avenue MRT station, the development has seen to be a good demand for its ideal location near to the central of Singapore.
Many developer had been eyeing this residential site for its value in future potential gain through redevelopment of the site. Allgreen Properties had it all planned as the land parcel could be redeveloped to 323 residential units with a great size of land of more exciting condo facilities.
Royalville was completed in the mid-1980s that comprises 55 apartment units with 38 maisonette and 11 commercial retail shops. The Royallville situated on a land area of 16,181.5 square metres (174,176 square feet) that was zoned as residential of a gross plot ration of 1.4.
Owners of each individual apartment units at Royalville will receive a handsome amount of S$3.09 million and S$3.76 million. While owners of maisonette units will receive between S$5.42 million and S$6.64 million. Owners of the commercial and retail shop are expected to receive about S$5.67 million to S$10.38 million.
Royalville condo selling price worked out a land rate of about S$1,960 per square foot per plot ratio (psf ppr). This also work out a break-even price of $2,500 to $2,600 psf for for upcoming Royalgreen condo. The selling price is estimated to $2,900 psf for the new units on the Royalgreen land site.
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